AUD/USD Threatening Bullish Breakout
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The AUDUSD remains well supported. The reversal at structural support on Monday (former 4th wave) is bullish. “The longer that the AUDUSD spends trading around the trendline from the 2011 highs, the more one must consider the possibility of an upside breakout. It’s a waiting game right now but as soon as the market tips its hand, we’ll look to be active.”
FOREXTrading Strategy: Long above 1.0345 for a breakout. A measured objective based on the range since August is 1.1135. if price can break through then breakout systems are of interest.
LEVELS: 1.0345 1.0390 1.0450 1.0550 1.0626 1.0669